Hxro Network Announces $34M Strategic Round Co-Led by SIG DT, Jump Crypto and Blockchain Capital

[November 30, 2021]

CHICAGO, Nov. 30, 2021 /PRNewswire/ — Hxro Network (“HXRO” or “the Network”), a derivatives primitive built on the Solana blockchain, today announced the closing of a $34 million strategic funding round co-led by SIG DT Investments (A Susquehanna International Group Company), Jump Crypto, and Blockchain Capital.

The $34 million HXRO token round was backed by a marquee list of principal trading firms including SIG DT, Jump Crypto, Alameda Research, Chicago Trading Company, and Pattern Research as well as venture participation from Blockchain Capital, Solana Ventures, Coinbase Ventures, Commonwealth Asset Management, CoinFund, Genesis, LedgerPrime, Mantis, and Magnus Capital.

The round follows a $15 million HXRO token deal earlier this year that brought Commonwealth as well as notable macro hedge fund managers Alan Howard and Louis Bacon to the Network.

Hxro Network is a liquidity, risk, and margin primitive for risk-based applications built on the Solana blockchain. It provides critical support for a full suite of on-chain derivative markets. Solana is a key component to the Network, providing censorship-resistant infrastructure with the speed and low marginal transaction costs needed to facilitate derivatives markets at scale.

The Network protocols provide open solutions enabling market makers, traders, operators, and other network participants to quickly create and connect to globally aggregated liquidity. These protocols combine the risk, margining, clearing, and capital efficiencies of centralized derivatives with the open, trustless, and censorship-resistant elements of DeFi. 

The Network plans to initially support markets for the most well-known crypto-assets, and will later agnostically extend to markets for any high-fidelity data supplied by network-approved oracles. This scope enables the Network to provide the underlying market infrastructure for everything from crypto and traditional assets to live in-play sports wagering and other event-driven markets.

Dan Gunsberg, Co-Founder of Hxro Network, commented on today’s news: “The notional size of incumbent derivatives markets is still many times that of what is available in DeFi. The mission of Hxro Network is to change that in a way where all market participants, no matter the size of their contribution and participation, can benefit. Today’s announcement is further validation of Hxro Network’s community-based vision to build the most robust and scalable decentralized derivatives primitive available in the marketplace. We’ve coordinated some of the most experienced participants from both traditional and crypto markets to participate in the design and build of the network’s most critical foundaional elements. Under normal circumstances these teams would be incredibly competitive with one another. However, they all share a common goal of unlocking the frictions that exist in incumbent markets and creating an open marketplace through the application of decentralized technology. As a community, we are creating a very powerful foundation for decentralized derivatives to scale and become a significant part of the fabric of the global derivatives landscape.”

The Network will utilize a unique staking protocol to facilitate network governance, liquidity incentives, and rewards. Hxro Network value will largely derive from transaction fees generated within the network. One hundred percent of the Network’s value will accrue to staked HXRO token holders, specialized node operators, the network treasury, and developer pools vital to network scaling and functionality. It will compose with Pyth Network as its primary data oracle, and will also easily compose with order books from Project Serum. The Network will integrate Civic as well, which will provide critical primitive layer compliance architecture. 

HXRO plans to begin launching v1 network components to Solana mainnet next month and into Q1 of next year. This will include parimutuel markets, serial and quarterly futures, perpetual swap and options.

Round proceeds will be used to fund the network treasury, bootstrap early protocol liquidity, and fund network rewards.

Investor Quotes

Kanav Karina, President – Jump Crypto:

“We are pleased to support Hxro Network as the team takes a community-based approach to building important infrastructure that has the ability to change the way derivatives operate,” said Kanav Kariya, President of Jump Crypto. “Combining data from the Pyth Network and order books from Project Serum shows that there is a path forward with using trusted, open systems and we are excited for the primitives Hxro Network is creating on Solana.”

Dean Carlson, Head of Digital Asset Investments – SIG DT

“We are seeing the early stages of a transformation in derivative markets through decentralized technologies.  Hxro Network has all of the touchpoints  we are most excited about in this segment of the DeFi marketplace. We are thrilled to be participating alongside so many other great teams and are committed to help accelerate Hxro Network’s growth.”

Aleks Larsen, Partner – Blockchain Capital

“The Hxro team and surrounding community have the best combination of derivatives trading and DeFi expertise that we’ve come across, and we’re thrilled to partner with them on their journey to rearchitect one of the largest and most heavily intermediated markets in the world.”

Christopher Perkins, President of CoinFund and former global co-head of futures, clearing and FXPB at Citi

“Hxro Network unlocks the power of scalable blockchain technology across global derivatives markets, positioning itself generations ahead of the legacy centralized alternative. CoinFund is excited to partner with Hrxo Network on this important capital raise, and we look forward to closely collaborating with the team as they drive liquidity across global derivatives markets.” 

Brett Estell, President of CTC:

“CTC is a strong supporter of Hxro Network and its mission to offer first-class derivatives liquidity to the fast-growing decentralized marketplace.  Hxro Networks participation by CTC, other premier trading firms and key participants across the global DeFi complex make it primed for success due to this unique and collaborative effort.  CTC views this strategic partnership as an essential step towards increasing our ability to offer exceptional pricing to many more customers globally. “

Quote from Raj Gokal, Solana Co-Founder:

“Hxro’s decision to create open primitives follows in the path of Project Serum, and is a model for others to follow.” Said Raj Gokal, Co-Founder of Solana Labs. “The project has made it easier for traditional financial firms to start building on blockchain, and has the potential to become the default risk/margin primative on Solana and beyond.”

About Hxro Network

Hxro Network is a decentralized liquidity, risk and margin primitive for risk-based applications built on the Solana blockchain. Through a series of native protocols, Hxro Network will provide the framework and infrastructure for a robust, fully-functional decentralized derivatives primitive.

Media Contact
Jay Morakis (for Hxro Network)
+1 646 859 5951
[email protected]

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